Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements - Revision history

Nashrahc at 20:55, 7 February 2023

2023-02-07T20:55:03Z

Nashrahc at 20:45, 7 February 2023

2023-02-07T20:45:27Z

Nashrahc at 20:29, 7 February 2023

2023-02-07T20:29:35Z

Nashrahc at 13:24, 5 February 2023

2023-02-05T13:24:18Z

Nashrahc at 12:50, 5 February 2023

2023-02-05T12:50:11Z

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2023-02-05T07:26:00Z

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 The [[Bangko Sentral ng Pilipinas]] (abbreviated as "BSP") has approved Circular No. 1139 on the Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements pursuant to '''[[Republic Act No. 11439 or the “Islamic Banking Act”]]'''. This is a major leap forward for [[Islamic Finance in the Philippines]] as [[establishment of Islamic banks (IBs) and separate Islamic banking units (IBUs) within conventional banks | Islamic Banks (IBs) and Islamic banking units (IBUs)]] that are yet to be established now have regulatory guidance on the segregation, accounting, and reporting of Islamic finance transactions.
 The circular was finalized a few months after the signing of a Memorandum of Agreement with the '''[[Accounting and Auditing Organization for Islamic Financial Institutions (AOOIFI)]]''', the international standard-setting body for Shari'ah auditing, accounting, and governance, to cover the possible adoption of relevant '''[[AAOIFI standards]]''' by the local Islamic banking and finance industry, and cooperation in the areas of capacity building and technical assistance.
 Prior to these guidelines, BSP issued circulars on the ''''[[Guidelines on the Establishment of IBs and IBUs]]''' and '''[[Shari'ah Governance Framework]]'''. These reporting guidelines were then followed by guidelines on the '''[[Management of Liquidity Risk by IBs and IBUs]]'''.

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 The circular was finalized a few months after the signing of a Memorandum of Agreement with the '''[[Accounting and Auditing Organization for Islamic Financial Institutions (AOOIFI)]]''', the international standard-setting body for Shari'ah auditing, accounting, and governance, to cover the possible adoption of relevant '''[[AAOIFI standards]]''' by the local Islamic banking and finance industry, and cooperation in the areas of capacity building and technical assistance.
-Prior to these guidelines, BSP issued circulars on the ''''[[Guidelines on the Establishment of IBs and IBUs]]''' and '''[[Shari'ah Governance Framework]]'''. These reporting guidelines where then followed by guidelines on the '''[[Management of Liquidity Risk by IBs and IBUs]]'''.
+Prior to these guidelines, BSP issued circulars on the ''''[[Guidelines on the Establishment of IBs and IBUs]]''' and '''[[Shari'ah Governance Framework]]'''. These reporting guidelines were then followed by guidelines on the '''[[Management of Liquidity Risk by IBs and IBUs]]'''.
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← Older revision		Revision as of 20:29, 7 February 2023
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		+	The [[Bangko Sentral ng Pilipinas]] (abbreviated as "BSP") has approved Circular No. 1139 on the Guidelines for Reporting Islamic Banking and Finance Transactions/Arrangements pursuant to '''[[Republic Act No. 11439 or the “Islamic Banking Act”]]'''. This is a major leap forward for [[Islamic Finance in the Philippines]] as [[establishment of Islamic banks (IBs) and separate Islamic banking units (IBUs) within conventional banks \| Islamic Banks (IBs) and Islamic banking units (IBUs)]] that are yet to be established now have regulatory guidance on the segregation, accounting, and reporting of Islamic finance transactions.
		+
		+	The circular was finalized a few months after the signing of a Memorandum of Agreement with the '''[[Accounting and Auditing Organization for Islamic Financial Institutions (AOOIFI)]]''', the international standard-setting body for Shari'ah auditing, accounting, and governance, to cover the possible adoption of relevant '''[[AAOIFI standards]]''' by the local Islamic banking and finance industry, and cooperation in the areas of capacity building and technical assistance.
		+
		+	Prior to these guidelines, BSP issued circulars on the ''''[[Guidelines on the Establishment of IBs and IBUs]]''' and '''[[Shari'ah Governance Framework]]'''. These reporting guidelines where then followed by guidelines on the '''[[Management of Liquidity Risk by IBs and IBUs]]'''.
		+
		+	The [[Insurance Commission']] also issued [[Circular Letter No. 2022-04]] on the '''Baseline Regulatory Framework for [[Takaful]] Undertakings''' in 2022, while the Bureau of Internal Revenue '''[[Revenue Regulations No. 17-2020]]''' and '''[[Revenue Memorandum Circular No. 35-2022]]''' to implement the '''[[tax neutrality]]''' provision in the Islamic Banking Act.
		+
		+	<hr>
		+
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 * [http://bsp.gov.ph/ Official Website of the Bangko Sentral ng Pilipinas]
-* [https://www.officialgazette.gov.ph/downloads/2018/07jul/20180727-RA-11054-RRD.pdf Published Copy of Republic Act No. 11054]
+* [https://www.bsp.gov.ph/Regulations/Banking%20Laws/RA11439.pdf Published Copy of Republic Act No. 11439 Published Copy of Republic Act No. 11439]
 * [https://www.bsp.gov.ph/Regulations/Issuances/2022/1139.pdf Published Copy of BSP Circular No. 1139]
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← Older revision		Revision as of 12:50, 5 February 2023
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	You have followed a link to a page that is still under construction. To edit the page, you need to create an account with us (see the [https://www.mediawiki.org/wiki/Help:Editing_pages help page] for more info). If you are here by mistake, click your browser's back button.		You have followed a link to a page that is still under construction. To edit the page, you need to create an account with us (see the [https://www.mediawiki.org/wiki/Help:Editing_pages help page] for more info). If you are here by mistake, click your browser's back button.
		+
		+	==External Links==
		+
		+	* [http://bsp.gov.ph/ Official Website of the Bangko Sentral ng Pilipinas]
		+	* [https://www.officialgazette.gov.ph/downloads/2018/07jul/20180727-RA-11054-RRD.pdf Published Copy of Republic Act No. 11054]
		+	* [https://www.bsp.gov.ph/Regulations/Issuances/2022/1139.pdf Published Copy of BSP Circular No. 1139]

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